Ответ Бундесбанка - Драги

Объявленная программа выкупа равносильна финансированию правительств с помощью печатания денег.

Программа выкупа облигаций не должна подвергать опасности ценовую стабильность.

Программа выкупа ведет к задержке необходимых реформ и подрывает уверенность в возможности политического решения кризиса.

В конечном итоге такой выкуп ЕЦБ перераспределяет значительные риски на другие страны, хотя по закону это могут делать только демократически избранные правительства.



Оригинал:

Bundesbank Text: Weidmann Reiterated Bond-Buy Criticism
 FRANKFURT (MNI) — The following is a statement issued by the Bundesbank on Thursday:
 «In the most recent discussions, as before, Bundesbank President Jens Weidmann reiterated his frequently substantiated critical stance towards the purchase of government bonds by the Eurosystem.
 He regards such purchases as being tantamount to financing governments by printing banknotes. Monetary policy risks being subjugated to fiscal policy. The intervention purchases must not be permitted to jeopardise the capability of monetary policy to safeguard price stability in the euro area.
 If the adopted bond-purchasing programme leads to member states postponing the necessary reforms, this will further undermine confidence in the political leaders' crisis-resolution capability. This underscores the crucial importance of ensuring both credibility in the promised conditionality and the resolute determination to immediately terminate intervention purchases if the underlying conditionality is no longer assured.
 The announced interventions in the government bond market carry the additional danger that the central bank may ultimately redistribute considerable risks among various countries' taxpayers. Such risk-sharing, however, can be legitimately authorised solely by democratically elected parliaments and governments.»